Sprout Social (NASDAQ:SPT) Updates FY 2024 Earnings Guidance

Sprout Social (NASDAQ:SPT) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 0.460-0.470 for the period, compared to the consensus earnings per share estimate of 0.460. The company issued revenue guidance of $405.1 million-$405.9 million, compared to the consensus revenue estimate of $405.5 million. Sprout Social also updated its Q4 guidance to $0.15 to $0.16 EPS.

Sprout Social Price Performance

Sprout Social stock traded down $4.29 during midday trading on Friday, reaching $26.71. The company had a trading volume of 1,504,473 shares, compared to its average volume of 401,026. Sprout Social has a 12-month low of $25.05 and a 12-month high of $68.41. The firm’s fifty day simple moving average is $28.13 and its 200-day simple moving average is $32.39. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.26.

Sprout Social (NASDAQ:SPT) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.06). The company had revenue of $102.64 million during the quarter, compared to analysts’ expectations of $102.04 million. Sprout Social had a negative net margin of 17.24% and a negative return on equity of 41.65%. On average, analysts anticipate that Sprout Social will post -0.9 EPS for the current year.

Analyst Ratings Changes

SPT has been the subject of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price objective on shares of Sprout Social in a report on Friday. Barclays cut their price objective on shares of Sprout Social from $48.00 to $38.00 and set an “overweight” rating for the company in a report on Friday, October 11th. Oppenheimer cut their price objective on shares of Sprout Social from $43.00 to $40.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Robert W. Baird raised their price target on shares of Sprout Social from $38.00 to $40.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $46.00 price target on shares of Sprout Social in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $48.00.

Insider Activity at Sprout Social

In other Sprout Social news, CEO Ryan Paul Barretto sold 16,800 shares of the firm’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $28.25, for a total value of $474,600.00. Following the completion of the transaction, the chief executive officer now owns 170,175 shares of the company’s stock, valued at $4,807,443.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Justyn Russell Howard sold 8,595 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $29.27, for a total value of $251,575.65. Following the completion of the sale, the chief executive officer now directly owns 302,217 shares of the company’s stock, valued at $8,845,891.59. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ryan Paul Barretto sold 16,800 shares of the business’s stock in a transaction on Monday, October 7th. The shares were sold at an average price of $28.25, for a total transaction of $474,600.00. Following the completion of the sale, the chief executive officer now directly owns 170,175 shares of the company’s stock, valued at approximately $4,807,443.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,882 shares of company stock worth $1,801,351. Insiders own 10.97% of the company’s stock.

About Sprout Social

Sprout Social, Inc designs, develops, and operates a web-based social media management platform in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides cloud software for social messaging, data and workflows in a unified system of record, intelligence, and action.